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Committee approves increase to LightSpring local match and shortens buydown period
Summary
The Vision Fund Committee approved raising LightSpring’s local match from $85,000 to $94,273.93 and shortening the buydown period from 120 to 101 months, a change staff said would bring repayment to the Vision Fund about 19 months sooner.
The Vision Fund Committee on Oct. 23 approved an increase in the local match for Surya LLC, doing business as LightSpring, from the previously approved $85,000 to $94,273.93 to accommodate the possible purchase of additional building space.
Nathan introduced the request and said the increase—$9,273.93—would also reduce the buydown term from 120 months to 101 months, which staff described as bringing repayment to the Vision Fund roughly 19 months earlier than under the original schedule.
A LightSpring representative (Jim) described company growth, U.S.‑based solar supply gains and plans to use the additional space for offices, training and battery energy storage work. "We're building our first solar wall in North Dakota," he said, and told the committee the company has hired additional staff and expects to expand operations into training and some manufacturing.
A member made a motion to approve the increase; after a second the committee voted by roll call. The transcript records affirmative votes from Member Stricklandmeyer, (an unnamed second 'Yes'), Peterson, Mayor Schmitz, and chair Freilich/Fraley variants; the chair announced the motion carried.
The committee’s action increases the local matching contribution and shortens the period before the Vision Fund begins recouping the buydown amount.
